Check the appropriate box to designate the
rule pursuant to which this Schedule is filed:

x Rule
13d-1(b)

o Rule
13d-1(c)

o Rule
13d-1(d)

*The remainder of this cover page shall be
filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of
this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934
(“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).

CUSIP No. 517942108

SCHEDULE 13G

Page 2
of 9 Pages

1

NAME OF REPORTING PERSONS

Long Pond Capital, LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) o

(b) o

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

5,780,546

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

5,780,546

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,780,546

10

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

o

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.1% (See Item 4(b))

12

TYPE OF REPORTING PERSON

PN,IA

CUSIP No. 517942108

SCHEDULE 13G

Page
3 of 9 Pages

1

NAME OF REPORTING PERSONS

Long Pond Capital GP, LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) o

(b) o

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Delaware

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

5,780,546

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

5,780,546

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,780,546

10

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

o

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.1% (See Item 4(b))

12

TYPE OF REPORTING PERSON

OO, HC

CUSIP No. 517942108

SCHEDULE 13G

Page 4
of 9 Pages

1

NAME OF REPORTING PERSONS

John Khoury

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a) o

(b) o

3

SEC USE ONLY

4

CITIZENSHIP OR PLACE OF ORGANIZATION

Canadian Citizen

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

5

SOLE VOTING POWER

0

6

SHARED VOTING POWER

5,780,546

7

SOLE DISPOSITIVE POWER

0

8

SHARED DISPOSITIVE POWER

5,780,546

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,780,546

10

CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES

o

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

5.1% (See Item 4(b))

12

TYPE OF REPORTING PERSON

IN, HC

CUSIP No. 517942108

SCHEDULE 13G

Page 5
of 9 Pages

This Schedule 13G (this "Schedule 13G") is being filed on behalf of Long Pond Capital, LP,
a Delaware limited partnership ("Long Pond LP"), Long Pond Capital GP, LLC, a Delaware limited liability company ("Long
Pond LLC"), and John Khoury, the principal of Long Pond LP, relating to Common Shares of Beneficial Interest, $0.01 par value ("Common Shares"), of
LaSalle Hotel Properties (the "Issuer").

This Amendment relates to the Common Shares
of the Issuer purchased by Long Pond LP through the accounts of certain private funds (collectively, the "Funds"). Long Pond LP
serves as the investment manager to the Funds and may direct the vote and disposition of the 5,780,546 Common Shares
held by the Funds. Long Pond LLC serves as the general partner of Long Pond LP and may direct Long Pond LP to direct the vote
and disposition of the 5,780,546 Common Shares held by the Funds. As the principal of Long Pond LP, Mr. Khoury may
direct the vote and disposition of the 5,780,546 Common Shares held by the Funds.

Long Pond LP is a limited partnership organized under the laws of the State of Delaware. Long Pond LLC is a limited liability
company organized under the laws of the State of Delaware. Mr. Khoury is the principal of Long Pond LP and is a Canadian citizen.

(d) Title of Class of Securities

Common Shares of Beneficial Interest, $0.01 par value

(e) CUSIP No.:

517942108

CUSIP
No. 517942108

SCHEDULE 13G

Page 6
of 9 Pages

Item 3. If
this statement is filed pursuant toRule 13d-1(b), or 13d-2(b), check whether the person filing is a:

(a)

¨

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

¨

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

¨

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

o

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

x

An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)

¨

An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)

x

A parent holding company or control person in accordance with §240.13d-1(b)(1)(ii)(G);

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

¨

A non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J);

(k)

¨

A group, in accordance with §240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

CUSIP
No. 517942108

SCHEDULE 13G

Page
7 of 9 Pages

Item
4. Ownership

(a)
Long Pond LP, Long Pond LLC and Mr. Khoury are the beneficial owners of 5,780,546 Common Shares.

(b)
Long Pond LP, Long Pond LLC and Mr. Khoury are the beneficial owners of 5.1% of the outstanding Common Shares.
This percentage is determined by dividing 5,780,546 by 113,231,780, the number of Common Shares issued and
outstanding as of October 19, 2017, as reported in the Issuer's most recent Form 10-Q filed on October 19, 2017.

(c) Long Pond LP, as the investment
manager of the Funds, may direct the vote and disposition of the 5,780,546 Common Shares held by the Funds. Long
Pond LLC, as the general partner of Long Pond LP, may direct it to direct the vote and disposition of the 5,780,546 Common Shares held by the Funds. As the principal of Long Pond LP, Mr. Khoury may direct the vote and disposition of the
5,780,546 Common Shares held by the Funds.

Item
5. Ownership of Five Percent or Less of a Class

If
this statement is being filed to report the fact that as of the date hereof the Reporting Persons have ceased to be the beneficial
owners of more than five percent of the class of securities, check the following

o

Item
6. Ownership of More Than Five Percent on Behalf of Another Person

The Funds have the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of
securities.

Item
7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent
Holding Company or Control Person

Inapplicable.

Item
8. Identification and Classification of Members of the Group

Inapplicable.

Item
9. Notice of Dissolution of Group

Inapplicable.

Item
10. Certifications

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with
or as a participant in any transaction having that purpose or effect.

Exhibits.
Exhibit 99.1

Joint
Filing Agreement dated February 13, 2018, by and among Long Pond LP, Long Pond LLC and Mr. Khoury.

CUSIP
No. 517942108

SCHEDULE 13G

Page 8
of 9 Pages

SIGNATURE

After reasonable inquiry
and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 13, 2018

LONG
POND CAPITAL, LP

By: Long Pond Capital GP, LLC, general partner

By:

/s/ John Khoury

Name:

John Khoury

Title:

Authorized Person

LONG POND CAPITAL GP, LLC

By:

/s/ John Khoury

Name:

John Khoury

Title:

Authorized Person

By:

/s/John Khoury

Name:

John Khoury

CUSIP No. 517942108

SCHEDULE 13G

Page 9
of 9 Pages

EXHIBIT 99.1

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint
filing on behalf of each of them of a Statement on Schedule 13G (including any and all amendments thereto) with respect to
the Common Shares, of LaSalle Hotel Properties, and further agree that this Joint Filing
Agreement shall be included as an Exhibit to such joint filings.

The undersigned further agree that each party hereto is responsible
for the timely filing of such Statement on Schedule 13G and any amendments thereto, and for the accuracy and completeness
of the information concerning such party contained therein; provided, however, that no party is responsible for the accuracy
or completeness of the information concerning any other party, unless such party knows or has reason to believe that such
information is inaccurate.

This Joint Filing Agreement may be signed in counterparts with the same effect as if the signature
on each counterpart were upon the same instrument.

IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of February 13, 2018.